NCR has launched an Internet loan origination service to offer smaller US banks end-to-end processing of mortgage and other loan applications.
The NCR service combines Lend-X technology from LendingTree, Inc. and software from Sound Software.
Once customers fill out a loan application on their bank's Web site, the information is captured, processed and transmitted by Lend-X using the standard Fannie Mae Desktop Underwriter file format. No additional re-keying is required.
Greg Hanson, general manager, e-commerce solutions at NCR, says: "Already about three-quarters of potential loan applicants go to the Internet in search of loan information, so the NCR Internet Loan Origination service puts the smallest community banks on a competitive basis with their national competitors."